Definitive Analysis
| Stable Growth | $60.11 - $216.92 | $191.26 |
| Multi-Stage | $27.81 - $30.41 | $29.09 |
| Blended Fair Value | $110.17 | |
| Current Price | $6.99 | |
| Upside | 1,476.17% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 8.59% | 0.00% | 0.28 | 0.07 | 0.05 | 0.03 | 0.02 | 0.19 | 0.13 | 0.10 | 0.02 | 0.00 |
| YoY Growth | - | - | 319.28% | 36.07% | 87.69% | 41.30% | -90.02% | 41.41% | 30.40% | 575.68% | 0.00% | 0.00% |
| Dividend Yield | - | - | 5.33% | 1.74% | 1.37% | 1.24% | 1.12% | 6.05% | 3.61% | 1.87% | 0.30% | 0.00% |
| Net Income To Common (M) | 2,674.50 |
| (-) Cash Dividends Paid (M) | 1,307.00 |
| (=) Cash Retained (M) | 1,367.50 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 534.90 | 334.31 | 200.59 |
| Cash Retained (M) | 1,367.50 | 1,367.50 | 1,367.50 |
| (-) Cash Required (M) | -534.90 | -334.31 | -200.59 |
| (=) Excess Retained (M) | 832.60 | 1,033.19 | 1,166.91 |
| (/) Shares Outstanding (M) | 2,452.03 | 2,452.03 | 2,452.03 |
| (=) Excess Retained per Share | 0.34 | 0.42 | 0.48 |
| LTM Dividend per Share | 0.53 | 0.53 | 0.53 |
| (+) Excess Retained per Share | 0.34 | 0.42 | 0.48 |
| (=) Adjusted Dividend | 0.87 | 0.95 | 1.01 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $60.11 | $191.26 | $216.92 |
| Upside / Downside | 759.97% | 2,636.16% | 3,003.28% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,674.50 | 2,848.34 | 3,033.48 | 3,230.66 | 3,440.65 | 3,664.30 | 3,774.23 |
| Payout Ratio | 48.87% | 57.10% | 65.32% | 73.55% | 81.77% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,307.00 | 1,626.27 | 1,981.51 | 2,376.07 | 2,813.55 | 3,297.87 | 3,491.16 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 1,505.16 | 1,519.43 | 1,533.69 |
| Year 2 PV (M) | 1,697.38 | 1,729.71 | 1,762.35 |
| Year 3 PV (M) | 1,883.80 | 1,937.87 | 1,992.98 |
| Year 4 PV (M) | 2,064.53 | 2,143.93 | 2,225.59 |
| Year 5 PV (M) | 2,239.70 | 2,347.88 | 2,460.20 |
| PV of Terminal Value (M) | 58,812.07 | 61,652.71 | 64,602.07 |
| Equity Value (M) | 68,202.64 | 71,331.54 | 74,576.89 |
| Shares Outstanding (M) | 2,452.03 | 2,452.03 | 2,452.03 |
| Fair Value | $27.81 | $29.09 | $30.41 |
| Upside / Downside | 297.92% | 316.18% | 335.11% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| LZOEX | Lazard Emerging Markets Equity Portfolio | 0.09% | $0.02 | 36.87% |
| PWR | Quanta Services, Inc. | 0.09% | $0.39 | 5.78% |
| AAMI | Acadian Asset Management | 0.08% | $0.04 | 1.59% |
| PDLB | Ponce Financial Group, Inc. | 0.08% | $0.01 | 1.31% |
| VRT | Vertiv Holdings Co | 0.08% | $0.15 | 5.48% |
| 0J46.L | HEICO Corporation | 0.07% | $0.23 | 4.98% |
| 0JYM.L | Markel Corporation | 0.07% | $1.41 | 0.87% |
| CHCI | Comstock Holding Companies, Inc. | 0.06% | $0.01 | 0.56% |
| MTVC | Motive Capital Corp II | 0.06% | $0.01 | 2.21% |
| ENJ | Entergy New Orleans, LLC First Mortgage Bonds, 5.0% Series due December 1, 2052 | 0.05% | $0.01 | 0.31% |
| ENO | Entergy New Orleans, LLC First Mortgage Bonds, 5.50% Series due April 1, 2066 | 0.05% | $0.01 | 0.31% |
| AJRD | Aerojet Rocketdyne Holdings, Inc. | 0.04% | $0.02 | 2.70% |
| ERES | East Resources Acquisition Company | 0.04% | $0.00 | 1.55% |
| NBN | Northeast Bank | 0.04% | $0.04 | 0.38% |
| ARHS | Arhaus, Inc. | 0.03% | $0.00 | 0.61% |
| BSIG | BrightSphere Investment Group Inc. | 0.03% | $0.01 | 0.34% |
| EWCZ | European Wax Center, Inc. | 0.03% | $0.00 | 0.37% |
| WIRE | Encore Wire Corporation | 0.03% | $0.08 | 0.42% |
| ACFN | Acorn Energy, Inc. | 0.02% | $0.00 | 0.09% |
| ACMR | ACM Research, Inc. | 0.02% | $0.01 | 0.62% |
| CFB | CrossFirst Bankshares, Inc. | 0.02% | $0.00 | 0.21% |
| FDSB | Fifth District Savings Bank | 0.02% | $0.00 | 0.35% |
| GRDN | Guardian Pharmacy Services, Inc. | 0.02% | $0.00 | 0.75% |
| NVDA | NVIDIA Corporation | 0.02% | $0.04 | 0.98% |
| AMG | Affiliated Managers Group, Inc. | 0.01% | $0.04 | 0.23% |
| BSX-PA | Boston Scientific Corporation | 0.01% | $0.02 | 0.82% |
| FIGR | Figure Technology Solutions, Inc. Class A Common Stock | 0.01% | $0.00 | 2.22% |
| GNRC | Generac Holdings Inc. | 0.01% | $0.01 | 0.18% |
| LAUR | Laureate Education, Inc. | 0.01% | $0.00 | 0.22% |
| PLNT | Planet Fitness, Inc. | 0.01% | $0.01 | 0.57% |
| SUM | Summit Materials, Inc. | 0.01% | $0.00 | 0.32% |
| BE | Bloom Energy Corporation | 0.00% | $0.00 | 6.20% |
| BJRI | BJ's Restaurants, Inc. | 0.00% | $0.00 | 0.01% |
| CXW | CoreCivic, Inc. | 0.00% | $0.00 | 0.04% |
| INFA | Informatica Inc. | 0.00% | $0.00 | 0.10% |
| MMMB | MamaMancini's Holdings, Inc. | 0.00% | $0.00 | 0.04% |
| PMO | Putnam Municipal Opportunities Trust | 0.00% | $0.00 | 0.05% |
| SENEA | Seneca Foods Corporation | 0.00% | $0.00 | 0.04% |
| SLCA | U.S. Silica Holdings, Inc. | 0.00% | $0.00 | 0.02% |
| UNIT | Uniti Group Inc. | 0.00% | $0.00 | 0.00% |